Updated about 2 years ago on . Most recent reply
Mortgage broker for conventional loan
What's the 30 year term mortgage we could get with 20%-25% down with no fees?
Most Popular Reply
In this high rate market you are better off doing 15% down and taking an ARM rate. You can get a decent rate on a 3-Year Fixed ARM and simply refinance next year when rates drop. Why risk putting 20-25% down when home prices are dropping and rates are at a 21 year high. Stay cash fluid put less down and refinance next year or within the fixed term 3, 5 or 7 years.
Just make sure you shop around and do not take a prepayment penalty! I would advise using a Portfolio loan especially if its a MF - multifamily.
It's tough to expect to cash flow out of the gate in this market so I would approach it like a true invetment over time. As long as your burn rate is within the 12-24 months you will recoup your capital and grow your passive income.